Andrada Mining says a four-tonne sample of lithium concentrate from the company’s Uis Mine in Namibia is set to depart from Walvis Bay, heading to Japan for test work by a potential off-taker.
Petalite, a lithium-containing mineral, is highly valued in battery technology and industrial applications.
“We’re thrilled to share a milestone in Andrada’s lithium journey! Another four-tonne bulk sample of petalite concentrate from our Uis Mine will depart Walvis Bay for Japan. This shipment is for test work by a potential off-taker, marking another positive step towards securing a supply agreement,” the company said.
This comes as the company recently secured a six-month N$48 million (US$2.5 million) funding facility from LC Abelheim Limited (LCA), acting as trustee of The Orange Trust, to construct a second tin processing jig plant at its Uis mine in Namibia.
The loan agreement stipulates a six-month term from the date of drawdown, with an option for an extension. No interest is payable on the loan. Instead, a facility fee of N$917,000 (US$50,000) per month (will be charged, with the first two months’ fees capitalized and repaid in the third month as a cumulative sum of N$1.8 million (US$100,000).
The total facility fee for the six-month period amounts to N$5.5 million (US$300,000).
Andrada is required to repay a total of US$2.6 million, consisting of an initial payment of N$1.8 million (US$100,000) for the capitalised fees from the first two months, followed by a final repayment of N$47 million (US$2.5 million), which represents the principal loan amount. The loan is secured against the newly procured plant.
Chief Executive Officer Anthony Viljoen confirmed the agreement, stating that The Orange Trust is Andrada’s largest shareholder, holding 15.81% of the company’s issued ordinary shares.
According to the CEO, the additional plant provides a modular pathway to scale up operations within the existing mining footprint while the company evaluates new pits and validates historical resources.
He emphasised that the new plant would operate independently, ensuring no disruption to ongoing mining activities or the expansion aimed at boosting tantalum and lithium revenues at Andrada’s primary plant.
